Caution about the B.C. economy takes its toll on holiday shopping, according
to RBC Canadian Consumer Outlook
Many British Columbians expect to spend less this year
Caution is expected to take its toll on holiday shopping, as many British Columbians (44 per cent) say they will spend less this year and an equal number say they will spend the same as last year. One in five respondents from B.C. (16 per cent) will not be buying gifts at all during the holiday season. On average, British Columbians expect to spend
Looking forward to 2010, British Columbians are optimistic that the national economy will improve over the next year (64 per cent), but are more cautious when it comes to improvements in the national economy in the next three months (44 per cent). They are also cautiously optimistic about the prospects for their local economies over the next three months, with 32 per cent expecting it to improve, while 19 per cent expect it to worsen.
"Our new index shows that British Columbians, like many other Canadians, may be feeling unsure," said Graham MacLachlan, regional president, British Columbia, RBC. "A financial plan, good budgeting and some contingency funds can definitely help one sleep better at night, and we're here in the community to lend a hand with financial advice and solutions.
The report also measures Canadians' perception of current conditions compared to three months ago, as well as short term (three month) prospects for their personal finances, their job anxiety and a number of other factors. Provincial highlights include:
- Job Anxiety: Three in ten British Columbians (29 per cent) are experiencing job anxiety, tied with Ontario for second-highest in the country, behind only Alberta (36 per cent). Conversely, only 12 per cent of households from Manitoba and Saskatchewan expressed concern about losing their job or being laid off. - Personal Financial Situation (Overall): British Columbians, along with respondents from Saskatchewan and Manitoba, are most likely to say their personal financial situation is worse than three months ago (43 per cent), compared to national average (39 per cent). However, British Columbians are also among the most optimistic (second only to Atlantic Canadians) for the next three months, with three in ten (32 per cent) expecting their personal financial situation to improve over that time period, compared to the national average (27 per cent). British Columbians are the least optimistic for their prospects over the next year, with only one in three (34 per cent) expecting improvement in their personal financial situation, compared to the national average (38 per cent).
"The Canadian economy is experiencing a fragile recovery and British Columbians have been noticeably shaken by the instability of the past year," said
About The RBC Monthly Canadian Consumer Outlook Index
The RBC Monthly Canadian Consumer Outlook Index was established on
For further information: Rina Cortese, RBC Corporate Communications, (416) 974-6970; Stephanie Lu, RBC Media Relations, (416) 974-5506
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